GF Securities said it reported a net loss of 89.9 million
yuan ($14 million) for January while Haitong Securities said net
income slumped 53 percent from year earlier to 120 million yuan
last year. Founder Securities’ joint venture, Credit Suisse
Founder, posted a net loss of 5.1 million yuan in January, the
brokerage said in a statement.

Chinese steelmakers’ earnings may have decreased more than
50 percent in 2011 as companies took charges on inventory
impairment, according to Citic Securities Co. Iron ore prices
dropped 5 percent from the previous quarter in the last three
months of last year, Jiang Yujiao, an analyst at Citic
Securities, writes in a report today.